The Manson Company has the following sales, inventory, and purchases during the fiscal year ended December 31, 2014.

Manson Company employs a perpetual inventory system.

Reuired:
1. Calculate the dollar value of ending inventory and cost of goods sold using:
a. FIFO
b. Moving weighted average method. Round all unit costs to two decimal places.
2. Using your calculations from Part 1, complete the following schedule:

Analysis Component:
How would the gross profits calculated in Part 2 above change if Manson Company had been experiencing increasing prices in the purchase of additional inventory?

Transcribed Image Text:

Beginning inventory180 units $30/unit 145 units$40/unit Apr. 30 purchased315 units $29/unit 225 units$25/unit 540 units$40/unit Oct. 5 purchased.2 Moving Weighted Average FIFO Sales Cost of goods sold. Gross profit